SuperTrend Extended Indicator
MT5Also Available for MT4The Advanced SuperTrend Indicator for MT5 is an effective trend tracking tool that provides bullish and bearish Forex trading signals based on candle color.
Description
The SuperTrend Extended indicator for MT5 changes the color of the candles to pink and green depending on their bullish or bearish nature.
This allows forex traders to view the chart without the classic supertrend line. As a result, forex traders can further improve their technical analysis while having quality trend trading signals.
The indicator works well on all timeframes and is suitable for intraday, daily, weekly and monthly charts. Moreover, since this indicator is a trend following indicator, traders can use it for automated trading programs.
SuperTrend Extended Indicator For MT5 Trading Signals
The indicator changes the color of a bullish candle to green and a bearish candle to pink. The trading strategy is to enter the market when the color of the candle changes. This, in turn, helps the forex trader enter the market when the trend changes.
Traders should enter the market with a buy trade when a green candle forms with a stop loss below the previous swing low. Likewise, if a pink candle appears, traders should consider entering the market with a sell position with a stop above the previous swing high.
Traders should exit the trade when the color changes in the opposite direction, as this indicates a change in trend. Moreover, holding positions until the trend changes helps traders follow the trend and maximize profits.
Another trading strategy is to analyze the markets in light of the next higher time frame. This allows traders to stay in the direction of the trend and increase their winning rate.
Conclusion
Thus, the SuperTrend Extended indicator for MT5 provides an alternative method to view the direction of the market trend. Although the indicator produces fairly profitable signals, traders should confirm price reversals with price action.
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